There are instructions on the download page for updating. You need to switch to another theme (the default one is fine) and delete your current installation of socrates. As long as you haven't modified any of the socrates files all of your settings will be maintained in the database. You will need to reupload any custom header you may have had. If you modified the Socrates file instead of putting your changes in a child theme you will need to make those changes again. Unless you need a new feature in the newer version you could always stick with your current version. Your decision.